Axa trimmed its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 29.3% in the third quarter, Holdings Channel reports. The fund owned 9,432 shares of the medical research company’s stock after selling 3,900 shares during the quarter. Axa’s holdings in Laboratory Corp. of America were worth $1,638,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. OppenheimerFunds Inc. increased its holdings in Laboratory Corp. of America by 113.3% in the second quarter. OppenheimerFunds Inc. now owns 1,700,776 shares of the medical research company’s stock worth $305,341,000 after purchasing an additional 903,554 shares in the last quarter. Egerton Capital UK LLP bought a new stake in Laboratory Corp. of America in the second quarter worth approximately $150,989,000. BlackRock Inc. increased its holdings in Laboratory Corp. of America by 9.1% in the second quarter. BlackRock Inc. now owns 8,711,292 shares of the medical research company’s stock worth $1,563,937,000 after purchasing an additional 729,038 shares in the last quarter. Redmile Group LLC bought a new stake in Laboratory Corp. of America in the second quarter worth approximately $51,776,000. Finally, JPMorgan Chase & Co. increased its holdings in Laboratory Corp. of America by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 1,645,798 shares of the medical research company’s stock worth $285,845,000 after purchasing an additional 213,849 shares in the last quarter. Institutional investors own 91.68% of the company’s stock.
LH has been the subject of a number of research analyst reports. Deutsche Bank lowered their target price on Laboratory Corp. of America from $195.00 to $190.00 and set a “hold” rating for the company in a report on Monday, August 20th. Argus reissued a “buy” rating on shares of Laboratory Corp. of America in a research note on Wednesday, August 22nd. Credit Suisse Group reduced their price objective on Laboratory Corp. of America from $197.00 to $195.00 and set an “outperform” rating for the company in a research note on Tuesday, September 4th. Morgan Stanley raised their price objective on Laboratory Corp. of America from $192.00 to $202.00 and gave the company a “buy” rating in a research note on Monday, September 10th. Finally, Mizuho reissued a “neutral” rating on shares of Laboratory Corp. of America in a research note on Wednesday, September 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $182.50.
Shares of Laboratory Corp. of America stock opened at $143.33 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.55 and a debt-to-equity ratio of 0.83. Laboratory Corp. of America Holdings has a 52 week low of $142.40 and a 52 week high of $190.35. The company has a market capitalization of $14.70 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.39 and a beta of 0.99.
Laboratory Corp. of America (NYSE:LH) last announced its earnings results on Wednesday, October 24th. The medical research company reported $2.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.88 by ($0.14). The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Laboratory Corp. of America had a net margin of 13.27% and a return on equity of 17.13%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 EPS. As a group, research analysts predict that Laboratory Corp. of America Holdings will post 11.03 EPS for the current year.
In related news, Director Kerrii B. Anderson sold 3,700 shares of Laboratory Corp. of America stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $163.29, for a total transaction of $604,173.00. Following the transaction, the director now owns 21,795 shares of the company’s stock, valued at $3,558,905.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director R Sanders Williams sold 350 shares of Laboratory Corp. of America stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total value of $56,749.00. Following the transaction, the director now directly owns 7,886 shares in the company, valued at approximately $1,278,636.04. The disclosure for this sale can be found here. 0.73% of the stock is owned by insiders.
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About Laboratory Corp. of America
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.
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